AML 2019 Loan Charge

[TSMRTZ]

Has anyone had any luck getting Aml loans released post settlement?

I have spoken to Knox House Trust Limited about releasing the loan(s). They said they would consider it, but I don't think this exonerates you from the loan charge. The release still may incur a "tax event".
Please correct me if I am wrong in my assumption.

[howcanigetyoualoan]

Has anyone had any luck getting Aml loans released post settlement?

[Albert49]

settlement

Hi Thanks for the reply, so are you saying I'm going to owe 60k? to AML or a percentage to 60k in tax to HMRC?

Sorry only just started looking into this.

I would suggest you contact HMRC in order to request settlement, currently you are under the higher rate tax band for all 3 years , so will owe 20% of the loan values in tax + interest (approx 3% of the tax owed for each year since it was due ), so probably about £15K , plus NI if this was a self employed scheme.
If you do not agree settlement before April 5th 2019, you will be caught by the loan charge, to calculate this, add your PAYE for 2018-19 to the total loan amounts (£18,748 + £30,000 + £9500) and use this site : UK Salary Tax Calculator 2018/2019: Calculate my take home pay to calculate tax due for this year, and then subtract how much tax you have already paid.

If you are not comfortable dealing with HMRC yourself you may want to engage one of the tax advisors mentioned by others.

[fifi]

Looks like you have around £60k in loans.

Suggest you join LCAG asap and become a full member.

People usually recommend Graham Webber at WTT, Phil Manley at DSW or Enterprise Tax.

Hi Thanks for the reply, so are you saying I'm going to owe 60k? to AML or a percentage to 60k in tax to HMRC?

Sorry only just started looking into this.

[Hero1234]

Very similar APN amounts

Thanks for your thorough answer.

Me using "fine" is just my terminology of taxed owed. I'm pissed about the retrospective nature of this. In my world its a punishment, i.e fine. I dont understand how they've managed to get this through. If I committed murder yesterday when it was legal, they sure cant then retrospectively charge me with murder today. Justice is meant to be fair and balanced.

Does anyone know if AML still exists and are willing to settle the loans? If not, my understanding is that I actually need to find 19k to clear the total balance?

I want to settle and get this over with, they made themselves out; that if you settle it will be done with. Now they want me to pay IHT, that has never been mentioned in any previous correspondence. This is why I mention loaded questions. They keep adding stuff on.

Hi, I have very similar amounts for similar years. Paid the APN by instalments. Facing similar to your. Dont know how to pm. Please what did the settlement offer letter look like?

[Vincenth1]

Aml lc 2019

Looks like you have around £60k in loans.

Suggest you join LCAG asap and become a full member.

People usually recommend Graham Webber at WTT, Phil Manley at DSW or Enterprise Tax.

[fifi]

Dazed and Confused

Hi All,

Can someone help me on the AML Loan Charge and what charges / tax bill I may be facing? I have just seen the email regarding contractor loan legislation and am understandably concerned. I've received no other communication from AML since march 17, which was a letter from HMRC to AML -'acknowledgement of appeal for tax year 12-13, £8126 postponed'
so this has come as a bit of a shock. looks like lots of info on here and I'll be reading through this thread tonight.

I appreciated that year was going to be investigated and I am likely to have to pay the 8k + interest to HMRC, but is this loan charge that I also have to pay something to AML?

I'm going to find an Financial Adviser asap (any referrals in Kent area would be great) but if someone could give me a worst case based on the following that would be great (I have gathered from online bank statements payments from AML/Knox for tax year 12-13 but the rest is a guestimate as its a laborious process.

I was working under AML through smartpay from Sep 13 - July 15

Money received:

Tax Year 12-13
PAYE: £5,267
AML Personnel Limit: £6,315
Knox House Trustee: £18,748

Tax year 13-14
AML personnel limit: £9,500
Knox House Trustee: £30,000

Tax year 14-15
AML personnel limit: £3,500
Knox House Trustee: £9,500
PAYE: £22,000

Any help will be greatly appreciated and hopefully help me sleep

[webberg]

I agree with the basis of tax. However changing the law and then back dating is another matter.

To be clear, the law was not changed or backdated.

The effect of the law is that it applies to sums received in previous years and not taxed, so it retrospective effect but is not strictly retrospective law.

[marine1983]

I agree with the basis of tax. However changing the law and then back dating is another matter.

I've emailed Knox house with regard to getting the loans written off, i've had no response from them so far. HMRC on the letter stated in their opinion that no IHT is due. (YET)

Ive sent back the agreement to settle. I've ticked the box that i'm not going to settle the loans. 30 days isnt long enough for me to do so, my only choice is to maintain the status quo.

I've also said that I will struggle to pay and try to come up with a plan. My hope is that the APN appears to cover the main tax due. The interest can be settled through the payment plan.

[webberg]

Thanks for your thorough answer.

Me using "fine" is just my terminology of taxed owed. I'm pissed about the retrospective nature of this. In my world its a punishment, i.e fine. I dont understand how they've managed to get this through. If I committed murder yesterday when it was legal, they sure cant then retrospectively charge me with murder today. Justice is meant to be fair and balanced.

Does anyone know if AML still exists and are willing to settle the loans? If not, my understanding is that I actually need to find 19k to clear the total balance?

I want to settle and get this over with, they made themselves out; that if you settle it will be done with. Now they want me to pay IHT, that has never been mentioned in any previous correspondence. This is why I mention loaded questions. They keep adding stuff on.

The following may sound harsh. My apologies as it's not meant to be, just a set of factual statements.

How you perceive and define a tax is subjective. A civilised society needs funds in order to pay for things that it should. In a utopian society, tax is not needed because those with the funds or abilities would volunteer money/time/expertise. Unfortunately our society is a million years from that and consequently a tax is needed. Remember also that tax rules are there to protect YOU from Government taking 100% of your income.

That part of AML that has your loan still exists in Knox House Trustees Ltd. Any Google search will find them.

If they did not, why would you need to find £19k. If the lender has gone, who would you pay that £19k to?

IHT is mentioned in HMRC's settlement announcement in November 2017. It is true that HMRC officers are not pushing this element hard (enough), but it's always been there.